Argent Funds Group, the $1.6 billion hedge fund firm founded
by Bruce McMahan, is offering a high-yield credit opportunities
fund to outside investors and is planning to start an offshore
version within the next couple of months.
The undertaking follows Argent's shuttering last year of its
weak-performing Veritas High Yield Arbitrage Fund. The closure
contributed to a 35% drop in the firm's overall assets in 2006
from a high of $2.4 billion. (The decline was...